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Perth, Australia (ABN Newswire) – Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) announced that strong progress has been made towards maiden drilling at its district-scale Sybella-Barkly project, where the Company is preparing to test high-impact rare earth and uranium targets.

Key Highlights

– Drilling contractors engaged to commence maiden drilling on the Sybella-Barkly project.

– ~3,000 metres of drilling over 80 drill holes are proposed targeting uranium and rare earth elements.

– Initial drilling will target district-scale sediment-hosted ionic clay rare earth potential. Soil sampling has confirmed widespread anomalism, including >600 ppm TREO, correlating with a laterally extensive flat lying AEM anomaly interpreted to be a granite derived clay unit.

o Program supported by $150,000 Queensland Government funding.

o Drilling will consist of approximately 45 holes for up to 1,600 metres.

– Weather permitting, second phase drilling will target paleochannel roll front uranium systems defined by AEM survey, directly along trend from the uranium-rich Sybella granite.

o Drilling will consist of approximately 35 holes for 1,400 metres.

– Land access agreements have been secured for Barkly Station with Ardmore Station agreement underway.

– Drill site preparations are complete and equipment staging in Mount Isa is underway, with drilling expected to commence within a week.

Managing Director, Pete Moorhouse commented:

‘We are pleased to be working with the team at United Drilling Services on our maiden program targeting these district-scale rare earth and uranium opportunities at our recently acquired Sybella Barkly project. Our first drill campaign will target shallow clay and sediment hosted rare earth elements. We then intend to move on to fence line drilling designed to assess the paleochannel architecture critical in unpicking the concept for shallow roll front uranium potential. This will be the first pass drilling ever completed on two exciting district scale concepts.

We are also commencing preparation works for a reverse circulation drilling program targeting hard rock REE potential, analogous to the Red Metal Sybella discovery, however this drilling will not commence until Q2 2026 On behalf of the Board, I would like to thank all those involved in pulling this program together in a professional manner under tight time constraints.’

Overview

The Company has secured drilling services from United Drilling Services to complete approximately 3,000 metres of drilling over 80 drill holes, refer figure 1*. Additionally, Basin is pleased to advise that it has executed a Conduct and Compensation Agreement (‘CCA’) with the Australian Cattle and Beef Company covering exploration for a 12-month period at Barkly Station. An additional agreement covering Ardmore Station is being prepared.

Preliminary field works have now commenced with all drill sites visited and pegged. Drilling will occur on existing station tracks and access roads, which are extensive and provide excellent first pass coverage of the targets without the need for significant disturbance.

Furthermore, equipment staging has commenced in Mount Isa in preparation for field mobilisation anticipated to occur within a week.

Sediment Hosted Potential

All upcoming drilling will target sediment hosted targets for uranium and REEs. The projects cover an extensive portion of the Sybella Batholith, deemed prospective for granite-hosted REE, as well as a significant landholding west of the Sybella, known as the Barkly Tablelands. The Barkly Tablelands are regarded as prospective for sediment-hosted mineralisation, refer figure 2*, and were surveyed with airborne electromagnetics (‘AEM’) by Summit Resources in February 2007 prior to its acquisition by Paladin Energy. Whilst numerous targets were identified, no drilling was completed at the time. Current drainage patterns data indicate that the sediments forming the Barkly Tablelands are sourced from the Sybella Batholith. While historical drilling in the region has focused on deeper base metal targets, phosphate potential and agricultural water bores, no drilling has targeted the uranium and rare earth potential.

Sediment and Ionic Clay Hosted REE Potential – District Scale Target

Results of surface geochemistry samples indicate significant mobilisation of rare earth elements into the Barkly Tablelands from the Sybella Batholith, which hosts Red Metal’s Sybella Discovery. Surface sediment samples form a regionally significant anomaly, refer figure 3*. The highest of these values are within catchments draining from the Sybella discovery.

The Summit Resources’ AEM survey not only outlines an interpreted extensive paleochannel network but also highlights a conductive layer within the Barkly Tablelands sediment package directly beneath this geochemical anomaly, approximately 12 metres thick from 20 to 32 metres depth with a footprint of over 1,000 km2. This conductive layer could represent a clay unit, produced from the extensive weathering of the Sybella granites and is prospective for clay-hosted REE, refer figure 4*.

Basin’s initial drilling will target this conductive horizon with air core drilling. An average hole depth of approximately 35 metres is anticipated.

Paleochannel Roll Front Uranium Potential – District Scale Target

The Summit Resources’ AEM survey identified a stacked sequence of paleochannels within the Barkly Tablelands, fed from the Sybella Batholith, refer figures 4 & 5*. This network is trending southerly, where no further AEM data exists.

Uranium content within the Sybella varies between the different phases of granites, as can be seen in the regional ternary radiometric image and supported by regional rock chip data, refer figure 5*.

Academic research also indicates that these ‘hot’ granites are the source for the Valhalla uranium deposits.

Furthermore, historical drilling recorded redox fronts, sandstone channels and impermeable cap rocks however no radiometric data was collected, and uranium was not assayed for.

Using the Sybella rocks that likely formed the source for the Valhalla deposits, Basin will target the potential for uranium to have also been mobilised from the Sybella granites, through the interpreted extensive paleochannel network, which appears to have suitable geological host characteristics.

Targeting work was completed by Summit Resources and Fugro to prioritise these interpreted channels.

Basin’s first pass aircore drilling program will look to confirm the characteristics of these interpreted channels. An initial 35 holes are proposed, with an average depth of 40 metres for a total of approximately 1,400 metres.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/87HMUYD4

About Basin Energy Ltd:

Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.

Source:
Basin Energy Ltd

Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449

Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317

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Perth, Australia (ABN Newswire) – Red Mountain Mining Limited (ASX:RMX) (OTCMKTS:RMXFF), a Critical Minerals exploration and development company with active projects in Tier-1 Mining Districts in the United States and Australia, has announced the Company’s advanced progression towards a US Stock Exchange listing.

HIGHLIGHTS

– Red Mountain Mining has recently appointed a highly regarded US-based markets advisory team and is in the final stages of confirming a US Stock Market listing on the OTCQB under the US Stock Code ‘RMXFF’

– In 2024, over US$478 billion (AU$732 billion) in liquidity and volume flowed through the United States OTC Markets Group’s exchanges

– Red Mountain has secured multiple US antimony assets in Tier-1 mining districts since mid September 2025, with projects located adjacent to high value, major Antimony projects, including Perpetua Resources’ (NASDAQ:PPTA) Stibnite Project in Idaho and Trigg Minerals’ (ASX:TMG) Antimony Canyon Project in Utah

– Red Mountain has also made significant progress at its Armidale Antimony-Gold Project in the New England Orogen in New South Wales, the location of Larvotto Resources’ (ASX:LRV) Hillgrove project, which is Australia’s largest Antimony deposit and the target of a recent acquisition proposal by United States Antimony Corporation (NYSE:UAMY)

– Following highly encouraging inbound interest received from several US investment banks, the Red Mountain Board believes the planned US Stock Market listing provides a series of value accretive opportunities including:

o Providing US retail and institutional investors direct access to invest and trade in the Company’s shares on the OTCQB under the US Stock Code ‘RMXFF’

o Positioning RMXFF alongside US peers in the critical minerals sector, potentially further improving valuation metrics and attracting specialised US resources investors

o Improving Red Mountain’s current strong strategic alignment with the US Government’s dramatic push to secure a domestic supply of critical minerals, and better positioning the Company to benefit from strong US Federal financial support for critical mineral projects targeting antimony

– Red Mountain expects to confirm the ‘RMXFF’ listing date by next week

Red Mountain has recently appointed its US-based markets advisory team and is in the final stages of confirming a US Stock Market listing on the OTCQB under the US Stock Code ‘RMXFF’. Since mid-September 2025, Red Mountain has pursued an aggressive acquisition strategy, securing three US antimony assets in Tier-1 mining districts since mid-September 2025, with projects located adjacent to high value, major antimony projects, including Perpetua Resources’ (NASDAQ:PPTA) Stibnite Project in Idaho and Trigg Minerals’ (ASX:TMG) Antimony Canyon Project in Utah.

RMX has also made significant progress during 2025 within its Armidale Antimony-Gold Project in the New England Orogen in New South Wales, by demonstrating high-grade orogenic antimony mineralisation with associated gold at multiple prospects. RMX’s project hosts a similar style of mineralisation and is located within the same prospective geological province as of Larvotto Resources’ (ASX:LRV) (A$540m market cap) Hillgrove project, which is Australia’s largest Antimony deposit and the target of a recent acquisition proposal by United States Antimony Corporation (NYSE:UAMY) (A$1.5b market cap.).

US Government focused on building domestic Antimony supply

Presently, about 90% of global antimony production is controlled by China, Russia, and Tajikistan, which is creating significant supply risks for Western nations such as Australia and the US. Both countries currently have no producing antimony mines, despite the metal’s critical role in defence applications, including armament manufacture and semiconductor technologies. With China’s current export ban creating acute supply shortages and the antimony price recently reaching US$60,000 per tonne, the US Government has issued emergency declarations and mobilised unprecedented funding for domestic production.

The majority of the available US Federal funding is being directed under White House led initiatives and includes opportunities such as:

– The Export-Import Bank (EXIM) Supply Chain Resiliency Initiative (SCRI), which will provide financing for international projects with signed long-term ‘off-take’ contracts with U.S. companies, providing these U.S. companies with access to critical minerals from partner countries.

– EXIM’s China and Transformational Exports Program (CTEP), which provides funding in strategic sectors like critical minerals to support American companies in projects that might otherwise be lost to China, aligning with the U.S.’s broader goals to boost supply chain resilience and national economic competitiveness.

– Defense Production Act Title III funding for strategic materials, which partners with U.S. private industry to mitigate gaps in the domestic supply chain through the use of grants, purchase commitments, loans, or loan guarantees.

An indication of the potential level of investment available to high quality projects is demonstrated by Locksley Resources’ (ASX:LKY,OTC:LKYRF) announcement this week that it had secured a Letter of Interest from EXIM indicating potential financing support of up to US$191 million for Locksley’s Mojave Antimony-REE Project in California.

On 21 October, the US President and Australian Prime Minister executed a Critical Minerals Framework agreement, through which the two governments have committed to spend at least US$1 billion each in the next six months as direct investment into a pipeline of critical minerals projects in in the US and Australia.

EXIM has also partnered with Export Finance Australia (EFA), to establish a streamlined pathway for businesses to approach both agencies and enable faster referrals and joint financing of eligible critical mineral transactions, known as the Single Point of Entry. Through this agreement, US and Australian businesses may now approach either EXIM or EFA and will receive streamlined access to both agencies’ financing support.

Red Mountain is already well placed to respond to these opportunities through continued successful progression of the Armidale Antimony-Gold Project, rapid exploration of three recently acquired highly prospective antimony-gold projects in Utah and Idaho, USA, and planned additional US antimony projects currently under consideration for acquisition. The Board strongly believes that the Company’s US Stock Market listing will provide Red Mountain with increased visibility to specialised US resources investors and provide a strong platform to directly benefit from US Federal financial support for critical mineral projects targeting antimony.

Red Mountain Utah Antimony Project, USA

In September, Red Mountain announced the acquisition of 87 claims within the Antimony Mining district east of the town of Antimony, Utah, USA. The Antimony Mining district was discovered in 1879 and produced high-grade Sb ores from multiple small-scale mines from 1880 to about 1908 and intermittently into the 1960s. RMX’s claims lie immediately along strike to the north and south of Trigg Minerals’ (ASX:TMG) Antimony Canyon Project (Figure 1*), which includes more than 30 small historical mine workings surrounding both Antimony Canyon and Drywash Canyon, approximately 6km north of the main prospect.

Antimony Mining District – Antimony Mineralisation

Antimony mineralisation within the Antimony Mining district is related to an approximately northsouth trending fault system, which is interpreted to represent fault splays related to the Paunsaugunt Fault. These faults are thought to have provided pathways for hydrothermal fluids from nearby volcanic centres to migrate upward towards favourable stratigraphic horizons, where antimony typically occurs as stibnite veins and stockwork zones sub-parallel to flat-lying stratigraphy. The dominant host for mineralisation at Antimony Canyon and Drywash Canyon is the Early Palaeocene Flagstaff Formation, which comprises carbonate-rich fluvial sandstone and conglomerate, with TMG’s recent exploration concluding that a brittle felsic volcaniclastic horizon within the Formation is the most prospective host unit, but that mineralisation is present at multiple stratigraphic levels, implying potential for both laterally and vertically extensive mineralisation. Channel sampling within and adjacent to historical workings by TMG at Antimony Canyon and Drywash Canyon delivered multiple samples with antimony contents in excess of 10% Sb and a best result of 1.5m at 33.2% Sbfrom the Stebenite Mine in Antimony Canyon.

Antimony Canyon and Drywash Canyon represent two eroded windows into the Flagstaff Formation through a thin (interpreted to be mostly <20m thick), but laterally extensive blanket of Quarternary alluvial and colluvial sedimentary cover (Figure 1*). However, north-south trending faults that provide fluid conduits for antimony-rich mineralising fluids and the Flagstaff Formation host stratigraphy are interpreted to extend beneath the Quaternary cover and into RMX’s tenements. RMX therefore believes that our Utah Antimony Project has high potential for discovery similar mineralisation to that seen at Antimony Canyon and Drywash Canyon.

Red Mountain Yellow Pine Antimony Project, Idaho, USA

In September, Red Mountain announced the acquisition of 29 claims, less than 2km southwest of Perpetua Resources’ (NASDAQ:PPTA) (TSE:PPTA) Stibnite Gold-Antimony Project in central Idaho, USA.

RMX’s Yellow Pine Antimony Project (Figure 2*) is located within the Stibnite Mining District, which was a major source of antimony in the first half of the 20th Century. Recorded production from the Yellow Pine and Hangar Flats deposits between 1932 and 1952 totalled 39,930 tonnes of Antimony.

These two deposits and the West End Deposit, which produced gold and silver from 1978 to 1997, collectively comprise the Proven and Probable Reserve of 104 Mt @ 1.33g/t Au and 0.06% Sb for 4.8Moz Au and 148Mlbs Sb for Perpetua’s Stibnite Project, which is the largest known antimony deposit in the USA. The rich endowment and exploration potential of the Stibnite District has also been recognised by Resolution Minerals (ASX:RML), whose Horse Heaven Antimony Project lies immediately west of Perpetua’s claims and approximately 5km north of RMX’s project area.

Antimony-gold-tungsten mineralisation in the Stibnite Mineral District

Antimony-gold-tungsten mineralisation in the Stibnite Mining District is structurally controlled along early Tertiary north-south striking regional scale faults and smaller northeast-striking splays and is hosted in the Cretaceous granitoids of the Idaho Batholith and adjacent Neoproterozoic to Paleozoic metasedimentary roof pendant rocks (Gillerman et al., 1992).

2017 geological mapping by the Idaho Geological Survey shows that RMX’s claims feature similar prospective geology to that seen within the Perpetua Resources’ Stibnite Project area, with folded Ordovician to Cambrian metasediments intruded by Idaho Batholith granite and cut by a major NNE trending Tertiary fault, with associated tectonic brecciation and evidence of historical small-scale mining activity (Figure 3*).

There is no evidence of modern exploration activity within RMX’s claims. However, reconnaissance mapping by RMX’s field crew has confirmed the presence of tectonic breccias within quartzite associated with the main NNE-trending fault (Figure 3*), which indicates that hydrothermal fluid circulation occurred along the structure. Red Mountain geologists also successfully located the two eastern historical workings mapped by the Idaho Geological Survey, which are small shallow pits that appear to be targeting brecciated quartz veins, most likely seeking gold and/or antimony.

Red Mountain Silver Dollar Antimony Project, Idaho, USA

In October, Red Mountain announced the acquisition of a further claims in central Idaho, covering 2 km2 with demonstrated historical antimony production. The Silver Dollar Antimony Project lies approximately 75km southeast of both RMX’s Yellow Pine Antimony Project, and Perpetua Resources’ Stibnite Gold-Antimony Project.

RMX’s Silver Dollar claims encompass four known alluvial gold and two antimony mineral occurrences, including the Silver Dollar Mine (Figure 4*), which features a 10m deep shaft sunk into fractured granodiorite in 1944, targeting a massive stibnite vein up to 1m thick.

Choate (1962) concluded that there was significant untested potential remaining for additional antimony, gold, silver, uranium and possibly mercury mineralisation, which is likely to occur as pods or shoots where secondary structures intersect each other and the main NNE-striking fault that cuts RMX’s Silver Dollar claims. To RMX’s knowledge, there has been no exploration over the prospect subsequent to Choate’s assessment.

Red Mountain Armidale Antimony-Gold Project, New South Wales, Australia

During 2025, Red Mountain has demonstrated high-grade orogenic antimony mineralisation with associated gold at multiple prospects within the Company’s Armidale Antimony-Gold Project (EL9732) in the Southern New England Orogen (SNEO) of northeast New South Wales, by demonstrating highgrade orogenic antimony mineralisation with associated gold at multiple prospects The SNEO is widely recognised as Australia’s premier antimony province, with 250 antimony mineral occurrences identified in the Geological Survey of NSW mineral occurrence database (Figure 5*).

Antimony occurs in hydrothermal quartz veins, breccias and stockworks, often with associated gold and/or tungsten mineralisation.

Red Mountain continues aggressive acquisition strategy

Red Mountain continues to aggressively seek further opportunities to expand its portfolio of high quality antimony projects in Tier 1 US mining jurisdictions, with a goal of building a portfolio of assets to leverage what is an unprecedented critical shortage of Western supply of the metal. Subject to the satisfactory completion of due diligence, the Company expects to announce further highly prospective acquisition/s in the near term.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/HNN6WCLS

About Red Mountain Mining Limited:

Red Mountain Mining Limited (ASX:RMX) is a mineral exploration and development company. Red Mountain has a portfolio of US, Canada and Australia projects in Critical Minerals and Gold. Red Mountain is advancing its Armidale Antimony-Gold Project in NSW, Utah Antimony Project in the Antimony Mining District of Utah, US, Fry Lake Gold Project and US Lithium projects.

Source:
Red Mountain Mining Limited

Contact:
Mauro Piccini
Company Secretary

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Perth, Australia (ABN Newswire) – Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) announced that it has entered a non-binding Memorandum of Understanding (MoU) with Hazen Research Inc. a leading metallurgical processing provider, to formulate an agreement for toll processing of ore from Locksley’s Desert Antimony Mine in the United States.

HIGHLIGHTS

– Accelerates 100% U.S. Mine-to-Market Supply by establishing a scalable processing pathway to deliver American sourced and manufactured Antimony products to market

– Secures immediate processing capacity through a Tier 1 U.S. metallurgical and defence materials processing provider (Hazen Research Inc.)

– Advances key studies, including pilot plant design, commercial analysis and toll processing, supported by Rice University’s antimony processing research

– Produces representative product samples for qualification with U.S. industrial and defense off-takers, strengthening Locksley’s position as building a fully integrated, American sourced antimony supply chain, supported by EXIM and U.S. processing partnerships

– Engagement with Hazen Research Inc. supports U.S. government objectives to rebuild domestic critical minerals processing, aligning Locksley with White House and Department of Defense priorities for restoring American antimony production

This agreement provides a pathway to secure immediate processing capacity while pilot plant design, construction and associated commercial scale development studies continue concurrently.

The MoU provides a framework for cooperation on the following key operational workstreams:

– Validate process performance and recovery efficiency under semi-continuous or batch operating conditions

– Confirm metallurgical response and optimization of process parameters

– Generate representative product samples for chemical, physical, and environmental characterization

– Produce data to support the design criteria and economic evaluation for future pilot or commercial scale operations

– Toll treatment of ore during the ongoing pilot and commercial plant development phases

The execution of this MoU is aligned with the Company’s strategy to accelerate production timelines, de-risk early processing operations and advance the project toward commercialisation.

Danny George, COO of Locksley, commented:

‘We are pleased to formalise this MoU with Hazen Research Inc. after our recent collaboration casting a 100% American made ingot. This MoU represents an important step in de-risking our ore processing strategy and accelerating the path to revenue. By securing toll processing capacity in the United States, we can begin generating operational data and product while our pilot and commercial-scale plant development continues in parallel.

This approach allows us to maintain project momentum, optimise metallurgical performance, and provide early market supply, positioning the Company to deliver value to shareholders efficiently and safely. We look forward to working closely with Hazen Research Inc. as we progress towards full commercial operations. The U.S. Government’s clear prioritisation of domestic critical mineral production provides a strong backdrop for our accelerated execution. We are advancing with the right partners, the right timing and clear commercial intent.’

Advancing Multiple Concurrent Workstreams to Steady State Production

With successful validation of the 100% American made antimony ingot, as part of our execution strategy, Locksley Resources will now advance concurrent workstreams toward production, including toll processing, starter plant and commercial plant development.

Further to this, the Company’s executive team recently engaged in-person with U.S based Tier 1 engineering firms, EPCM contractors and execution partners to progress its project delivery strategy.

Concurrently with the toll production operation, the Company is also actively advancing the pilot/starter plant development, informed by the results of ongoing metallurgical test work.

These parallel workstreams are intended to accelerate the transition from pilot scale operations to commercial production, de-risking the development pathway and providing early operational insights to optimise future plant performance. This next phase will support offtake readiness and qualification for domestic supply contracts, further positioning Locksley as a pioneer in restoring America’s antimony production and processing capability.

The Company’s collaboration with Rice University continues in parallel, supporting the optimisation of hydrometallurgical extraction parameters and the development of antimony-based materials. Locksley’s Mojave Project represents one of the few known high-grade, primary antimony deposits located in continental U.S., offering a rapid path to production and a strategic alternative to Chinese controlled supply chains.

Next Steps:

The parties will now progress discussions to formalise definitive agreements for toll processing, with the aim of commencing operations in line with the project development schedule. With government backed financing, strategic U.S. processing partnerships with Hazen and Rice University, and a rapid development pathway in motion, Locksley is entering its most transformative phase. The Company is uniquely positioned to deliver one of the first fully American sourced antimony supply chains, advancing from mine validation to market readiness within an accelerated timeline.

About Hazen Research Inc:

Hazen Research, Inc., headquartered in Golden, Colorado, is a leading independent research and development organisation renowned for its technical excellence and innovative capabilities in mineral processing and downstream refining. Established in 1961,

Hazen has over six decades of experience providing laboratory, pilot plant, and analytical services to the global minerals, metals, energy, and chemical sectors.

The company specialises in developing and optimising process flowsheets, including hydrometallurgical, pyrometallurgical, and electrometallurgical refining routes for both base and critical minerals.

About Locksley Resources Limited:

Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly prospective mineral region.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sample results, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.

Tottenham Project

Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation

Source:
Locksley Resources Limited

Contact:
Kerrie Matthews
Chief Executive Officer
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au

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From established players to up-and-coming firms, Canada’s pharmaceutical landscape is diverse and dynamic.

Canadian drug companies are working to discover and develop major innovations amidst an increasingly competitive global landscape. Rising technologies such as artificial intelligence are playing a role in the landscape as well.

Read on to learn about what’s been driving the share prices of the best-performing Canadian pharma stocks.

1. NurExone Biologic (TSXV:NRX)

Year-on-year gain: 44.44 percent
Market cap: C$54.28 million
Share price: C$0.78

NurExone Biologic is behind ExoTherapy, a drug-delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.

NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received orphan drug designation from the US Food and Drug Administration (FDA) in October 2023. As of 2025, NurExone is progressing toward clinical trials, with the first-in-human study expected in 2026, pending regulatory approvals.

It continues to make significant progress, with recent preclinical studies demonstrating strong, dose-dependent vision recovery in glaucoma models and improved motor function in spinal cord injury models.

2. HLS Therapeutics (TSX:HLS)

Year-on-year gain: 40.5 percent
Market cap: C$175.14 million
Share price: C$5.62

HLS Therapeutics focuses on drugs for cardiovascular and central nervous system problems, often through partnerships. The company specializes in acquiring and commercializing pharmaceuticals that address unmet needs, including Vascepa to reduce cardiovascular risk and Clozaril for treatment-resistant schizophrenia.

HLS is also currently working to bring cholesterol-lowering therapies NEXLETOL and NEXLIZET to Canadian markets. As of August, the company is targeting Health Canada approval by Q4 2025 and a commercial launch in Q2 2026.

Additionally, the company generates revenue from a diversified portfolio of royalty interests on various products marketed by third parties.

3. Satellos Bioscience (TSXV:MSCL)

Year-on-year gain: 14.49 percent
Market cap: C$141.04 million
Share price: C$0.79

Satellos Bioscience is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies to regenerate and repair muscle tissue by targeting the specific biological pathways involved. Its lead candidate SAT-3247 targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.

The company began enrollment for a multiple-ascending-dose arm of the Phase 1 study for SAT-3247 last November after no drug-related adverse events were reported in the single-ascending-dose group.

Satellos reported positive Phase 1b clinical trial results demonstrating safety, tolerability and pharmacokinetic profiles, along with promising improvements in muscle strength and lung function in treated participants. In Q4 2025, the company is commencing follow-up Phase 1b studies in adults and Phase 2 studies in pediatric patients.

4. Medexus Pharmaceuticals (TSX:MDP)

Year-on-year gain: 10.34 percent
Market cap: C$87.1 million
Share price: C$2.88

Medexus Pharmaceuticals specializes in bringing drugs to treat rare diseases to North America.

The company manages the entire process through its fully integrated operations, from acquiring and developing drugs to marketing and selling them. Some of its key products include treatments for hemophilia B and rheumatoid arthritis, as well as a line of drugs for autoimmune diseases like lupus and allergy treatments.

In November 2024, Medexus Pharmaceuticals announced it had successfully negotiated with the pan-Canadian Pharmaceutical Alliance to make treosulfan, which Medexus commercialized in Canada under the name Trecondyv, available to publicly funded drug programs and patients. Trecondyv is indicated as part of conditioning treatment prior to bone marrow transplants in patients with certain types of blood cancers.

Medexus also has the exclusive commercialization rights to treosulfan in the US, where it received approval from the FDA this past January. Its successful launch in the US generated US$3 million in product-level net revenue in its fiscal Q1 2026, according to the company’s most recent earnings report.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Investor appetite for safe-haven assets resulted in a record quarter for gold demand in Q3 2025, according to the World Gold Council’s (WGC) latest report.

The WGC published its Gold Demand Trends Q3 report on October 30, which clearly demonstrates that investor demand for gold is exploding as economic and geopolitical uncertainty continues to plague the markets.

During the third quarter of this year, the gold price climbed by 16 percent, setting new record highs 13 times along the way. The WGC estimates an average quarterly price of US$3456.54 per ounce, which is 5 percent over the previous quarter and 40 percent higher than the average in Q3 2024.

Overall, gold demand for Q3 2025 is up 3 percent over the same quarter last year, with the value of that demand up 44 percent year-over-year to a record US$146 billion. This is despite demand for the yellow metal from the jewelry and technology segments dropping 23 percent and 2 percent, respectively, compared to last year’s Q3 figures.

Investors betting on gold as stagflation hedge

Much of 2025’s gold demand growth is due in large part to the investment segment, which year-to-date has reached 1,556 metric tons. That’s a mere 6 percent of the record reached in the first three quarters of 2020. In terms of dollar value, investors have purchased US$161 billion in gold assets in the first three quarters of the year.

Investor sentiment is increasingly leaning toward growing stagflation fears.

The Federal Reserve’s monetary policy is creating a favorable environment for gold as well.

“The lowering of rates again lowers the opportunity cost of holding gold in a portfolio,” he added. “So you’re looking at factors that are lining up for preservation of value and purchasing power against fiat currency and slow economic growth.”

That’s why in 2025 investors are piling into gold exchange-traded funds (ETFs), and adding gold bars and coins to their portfolios at a record pace, accounting for more than half of total demand compared to one-third last year. In response, WGC has revised their 2025 gold investment demand forecast upward.

Gold ETFs score strongest Q3 since 2020

Total investment demand for gold in Q3 2025 came in at 537.2 metric tons, up 13 percent over Q2 2025 and 47 percent from Q3 in the previous year.

Gold ETFs are the biggest driver in the investment demand segment in terms of gains, having attracted a lot of investor attention in 2025. The third quarter was emblematic of this trend, with gold ETF demand totalling 222 metric tons. That’s up 30 percent over the second quarter and posting a whopping 134 percent gain over Q3 2024. In terms of value, the quarter brought in a record US$24 billion in gold ETF inflows.

Cavatoni attributed the rapid growth in ETF demand to the realization among Western investors that risk and uncertainty are prevalent in the equity markets now. He added that the WGC definitely sees this trend continuing to shape demand for gold ETFs.

Year-to-date gold ETF inflows reached 619 metric tons at a value of US$64 billion. Regionally, the three biggest markets for gold ETFs so far this year have been North America (346 metric tons), followed by Europe (148 metric tons) and Asia (118 metric tons).

Despite higher prices for the precious metal, gold ETF inflows are still charging upward in the last quarter of the year. And according to the WGC report, “historical analysis suggests gold ETFs still have room to grow.”

Gold bar and coin demand remains strong

Fear of missing out, or FOMO, according to the WGC, has induced investors to continue to scoop up gold bars and coins even as prices for the metal skyrocketed in September. Hence, the third quarter of 2025 at 315.5 metric tons of gold purchases represents the fourth successive quarter that this segment of the market has seen demand levels above 300 metric tons.

All told, gold bar and coin demand in Q3 2025 was up 3 percent over Q2 2025 and 17 percent over Q3 2024.

Regionally, India was the brightest spot, accounting for 91.6 metric tons of gold bar and coin purchases in the third quarter with a record value of more than US$10 billion. India’s appetite for gold bars and coins surpassed even China, for which the WGC reported 73.7 metric tons, up 19 percent over the previous quarter.

The WGC attributed some of the increased demand to “jewellery consumers switching to lower-margin pure investment products”. This is a phenomenon unique to Asia where gold jewelry is traditionally a form of savings, wealth preservation and used for dowries.

On the flipside, the United States (7.2 metric tons) was the only regional market to experience a year-overy-yea decline (64 percent) in gold bar and coin demand. However, Cavatoni was quick to point out that there was actually a lot of buying and profit-taking based selling occurring in this space in the third quarter. Buying accelerated in September following news that gold bars would be exempt from Trump tariffs, and that trend has continued into October leading the WGC to forecast a stronger Q4.

“I suspect [Q4 is] going to tell us a different story, which is that most of the bar and coin demand in the Western markets, particularly the US will show a shift into net purchasing,” explained Cavatoni.

Central banks remain net buyers of gold

In the first nine months of the year, central banks bought 633 metric tons of gold compared to the 724 metric tons added during the same period in 2024.

Although the pace has slowed in recent quarters, central bank buying continues to be a major theme for the gold demand story. For Q3 2025, central bank inflows grew by 28 percent over the previous quarter to reach 220 metric tons.

The central banks of Poland, China, Turkey, Kazakhstan and India continue to be the predominant purchasers of gold. Interestingly, the quarter also saw a few participants enter the space who had hitherto been on the sidelines. This includes the central bank of Brazil (15 metric tons), which previously hadn’t made gold purchases since July 2021.

Cavatoni notes that central banks are still signalling they are keen to strategically build out their gold reserves despite record gold prices. “There’s trade tensions, geopolitical tensions. There’s fear and questions over the US’ desired outcome in terms of sanctions and control,” he explained.

“There’s also a dependency on the dollar and the euro. In our annual survey, the central banks continue to indicate to us that that dependency is going to lower over the next five years.’

In particular, he emphasized that the central banks in the emerging markets are looking for viable alternatives to dollar-based assets in order to diversify their reserves in the face of global and domestic challenges and they are finding that gold fits the bill.

For those reasons, the WGC has revised its expectations for gold demand from this segment. It now sees central banks picking up between 750 to 900 metric tons of gold for 2025.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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The nation’s largest food aid program will only resume in full when ‘Radical Left Democrats’ open the government, President Donald Trump wrote Tuesday on social media.

Trump posted about the Supplemental Nutrition Assistance Program (SNAP) on his Truth Social platform, saying that the benefits, meant to be a lifeline for low-income households, were given out too freely under former President Joe Biden, sending costs skyrocketing.

‘SNAP BENEFITS, which increased by Billions and Billions of Dollars (MANY FOLD!) during Crooked Joe Biden’s disastrous term in office (Due to the fact that they were haphazardly ‘handed’ to anyone for the asking, as opposed to just those in need, which is the purpose of SNAP!), will be given only when the Radical Left Democrats open up government, which they can easily do, and not before!’ the president’s post read.

Trump’s post comes as funding for the program was set to expire over the weekend as the government shutdown entered its second month.

On Monday, House Minority Leader Hakeem Jeffries, D-N.Y., signaled that the expiration of funding may not be enough to persuade Democrats to end the government shutdown.

When asked if Democrats voting for the GOP federal funding bill would be the most prudent way to fix that, he said, ‘No.’

The Trump administration told a federal judge on Monday that it will partially resume SNAP benefits for the month of November despite the ongoing government shutdown, though when the payments will be distributed — and how much beneficiaries will receive — remains to be seen.

A senior Trump administration official told the court in a sworn declaration that the U.S. Department of Agriculture will allocate $4.65 billion of its $5 billion contingency fund to keep the SNAP program funded for the month of November.

SNAP supports more than 40 million Americans and has come under recent attention over how expansive the program has become and to the administration’s push to ensure illegal immigrants aren’t among its recipients.

The program was among the first that Agriculture Secretary Brooke Rollins targeted for review, citing concerns about eligibility and oversight.

Sen. Josh Hawley, R-Mo., recently pushed new legislation seeking special funding for farmers and food assistance programs amid the government shutdown. The legislation would reinstate federal funding for the Farm Service Agency and SNAP.

‘We need to start forcing Democrats to make some tough votes. We need to start holding their feet to the fire,’ Hawley said in an interview with Fox News Digital last month. ‘I mean, do they really not want people to be able to eat? This situation is ridiculous.’

Fox News Digital reached out to Hawley’s office for comment on Trump’s most recent post about SNAP but did not immediately hear back.

Fox News Digital’s Amanda Macias, Elizabeth Elkind, Breanne Deppisch and Anders Hagstrom contributed to this report.

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The Trump administration continues its push to rebuild domestic supply chains for critical technologies through a US$1.4 billion public-private partnership with Vulcan Elements and ReElement Technologies –a subsidiary of American Resources Corporation (NASDAQ:AREC)- to expand US production of rare earth magnets.

The Department of Commerce’s announced that it signed a preliminary letter of intent to provide US$50 million in proposed incentives to Vulcan Elements under the CHIPS and Science Act.

The funds would support equipment purchases for the production of neodymium-iron-boron (NdFeB) magnets, a key material that powers technologies from fighter jets and nuclear submarines to AI data centers and semiconductor equipment.

In return, the Department of Commerce will receive US$50 million in equity in the company.

The incentives are part of a larger US$1.4 billion package that includes US$700 million in conditional loan commitments from the Department of Defense’s Office of Strategic Capital (OSC) to Vulcan Elements and ReElement Technologies.

The rest will come from private capital and direct loans to finance the construction and expansion of facilities capable of producing up to 10,000 metric tons of NdFeB magnets annually.

“Our investment in Vulcan Elements will accelerate US production of rare earth magnets for American manufacturers. We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America’s supply chain is strong, secure and perfectly reliable,” Secretary of Commerce Howard Lutnick said in Vulcan’s recent press release.

Bill Frauenhofer, the CHIPS Program director, added that the company’s strong industry ties will help further sever the US’ dependence from foreign imports.

China currently dominates the global rare earth sector by supplying more than 80 percent of the world’s processed rare-earth materials. US manufacturers and defense contractors have been under pressure since Beijing imposed export restrictions on critical minerals late last year and tightened them again this year, requiring buyers to secure approval from Chinese authorities to ensure end uses were nonmilitary.

Though China has recently relaxed some of those curbs after trade talks with President Xi Jinping, the US is accelerating plans to insulate its supply chains from future disruptions.

Together, both companies are seeking to establish a fully integrated US magnet supply chain. ReElement will focus on processing end-of-life magnets, electronic waste, and mined concentrates into high-purity rare-earth oxides, while Vulcan will convert those oxides into metals and manufacture finished magnets.

To support this goal, Vulcan will also build and operate a 10,000-ton magnet facility in the US financed by a US$620 million direct loan from the OSC, US$550 million in private capital, and the US$50 million in Commerce incentives.

Meanwhile, ReElement’s recycling and processing expansion will be backed by an US$80 million direct loan from the OSC and further aided by private investment. The Defense Department will also receive warrants in both companies, giving it the right to purchase shares at a predetermined price.

The investment marks another instance of the administration taking equity stakes in private technology and materials companies. In recent months, the government has acquired ownership positions in MP Materials (NYSE:MP), Intel (NASDAQ:INTC), and semiconductor giants NVIDIA (NASDAQ:NVDA) and AMD (NASDAQ:AMD).

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Senate Democrats blocked Republicans’ attempt to reopen the government for a 14th time, all but ensuring that the government shutdown becomes the longest in U.S. history.

The move to again reject the House-passed continuing resolution (CR) comes as winds of optimism and exhaustion have swept through the upper chamber. Lawmakers are engaging in more bipartisan talks, and more believe that an off-ramp is in sight.

Still, Tuesday morning’s vote against the CR came as the shutdown matched the previous 35-day record set in 2019, and it all but ensured that it would surpass that unfortunate milestone later on in the evening.

Senate Minority Leader Chuck Schumer, D-N.Y., and his Democratic caucus are still largely entrenched in their position that unless an ironclad deal on expiring Obamacare subsidies is struck, they won’t reopen the government.

During a speech on the Senate floor, Schumer squarely placed the blame for the healthcare issue on Republicans and President Donald Trump as Americans got notices of increased premiums over the weekend. 

‘The only plan Republicans have for healthcare seems to be to eliminate it, and then to tell working people to go figure it out on their own,’ he said. ‘That’s not a healthcare plan. That’s cruel.’ 

However, his caucus’ resolve showed signs of weakening on Monday, when a group of nearly a dozen Senate Democrats met behind closed doors to discuss a way out.

Senate Majority Leader John Thune, R-S.D., said he was optimistic about the shutdown coming to an end soon, but he wasn’t confident that it would be by the end of this week.

He noted that Republicans have made a plethora of options available to Senate Democrats, including guaranteeing a vote on the expiring subsidies, or ‘whatever their Obamacare bill is,’ after the government reopens. When asked if he believed lawmakers were close to reaching an end, he said, ‘I hope close.’ 

‘But the pressures, the cross pressures that everybody’s feeling, are great,’ Thune said. ‘But I think there are people who realize this has gone on long enough and that there’s been enough pain inflicted on the American people, and it’s time to end it. So we’ll see whether that’s, you know, sufficient numbers are there.’

Then there’s the reality that the current end date of Nov. 21 for the House-passed CR doesn’t give lawmakers enough time to advance funding bills, which has been a primary objective for Thune and others. And, many don’t want to reopen the government just to see it close back down a few weeks later.

Lawmakers are mulling extending the current CR, either by amending it or with a new bill, which would give them enough time to finish spending bills and avoid a colossal, year-end omnibus spending bill. Some are eyeing January, while others would prefer an extension into December. A trio of spending bills, known as a minibus, could also be tied to the revamped extension.

Those talks are happening parallel to discussions on Obamacare, but neither side has so far made a move to fully construct an off-ramp out of the shutdown.

When asked if he believed that the shutdown could end this week, Sen. Mike Rounds, R-S.D., who has routinely engaged in bipartisan talks since the shutdown began, said, ‘I don’t know, I hope so.’

‘Bottom line is they can stop all this with one vote and get back into it and get back to work on a bipartisan basis,’ he said. ‘Again, that’s what we’re hoping.’

Both sides recognize that changing the subsidies, either through reforms or impacting the rates, will be difficult given that insurers already released rates and guidance over the weekend in line with the start of open enrollment.

Still, lawmakers are discussing a path forward on the subsidies. Sen. Lisa Murkowski, R-Alaska, who has been involved in bipartisan talks, said that her proposal for the subsidies would extend them for two years.

She noted that it would be, ‘Really, really hard to do any reforms right now,’ because the insurance rates had been released, and that her proposal was one of many in the mix.

Ultimately, it’ll come down to the right blend of ideas to build an off-ramp for the subsidies. Murkowski said that changing the income cap, which was eliminated when the subsidies were enhanced under former President Joe Biden, and changes to the low-cost premium contribution were just a couple ideas on the table.

‘There’s no highly brand-new thing that anybody’s really talking about,’ she said. ‘It’s just what’s the right concoction?’

But some Senate Democrats are frustrated that Trump has not gotten more involved and argue that unless he gives an explicit greenlight, any deal crafted on the Hill doesn’t matter.

Trump has agreed to meet with Schumer and House Minority Leader Hakeem Jeffries, D-N.Y., only after the government reopens. And over the weekend, he demanded that Senate Republicans nuke the 60-vote filibuster threshold, something that is unlikely to happen any time soon, if ever.

‘At no point since Oct. 1 has Donald Trump agreed to sit down with Democratic leaders,’ Sen. Andy Kim, D-N.J., said. ‘So, he can talk all he wants about the filibuster, but until he actually puts some skin in the game and sits down and talks to us, like, that is all meaningless to me. And I honestly, like, don’t care about him pontificating this stuff on social media. Like, if he’s got time to tweet, he’s got time to just come and talk to us.’

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